Reminder: Oct. 15 deadline   The deadline to distribute Part D notices and the extended Form 5500 filing deadline for calendar year plans is Oct. 15. This deadline applies to employers with group health plans that provide prescription drug coverage and those with calendar year employee benefit plans that previously requested an extension of time to file their Form 5500, respectively.  [Get information on the Oct.15 deadline] Checklist to prepare for Medicare Part D creditable cover changes  The Inflation Reduction Act of 2022 brought significant changes to Medicare Part D plans, which will affect the creditable coverage status of employer-sponsored prescription drug coverage for 2026.   This checklist is designed to help employers understand the implications of the new creditable coverage methodologies, assess their current plan’s creditable coverage status and identify necessary adjustments to comply with federal requirements and support their Part D-eligible p...

Deadline for Medicare Part D notices is Oct. 15 Each year, Medicare Part D requires group health plan sponsors to disclose whether the health plan’s prescription drug coverage is creditable to eligible individuals. Plan sponsors must provide the annual disclosure notice to Medicare-eligible individuals before Oct. 15 — the start date of the annual enrollment period for Medicare Part D. The Centers for Medicare and Medicaid Services has provided model disclosure notices for employers to use. Notice requirement Medicare beneficiaries will likely pay higher premiums if they enroll at a later date if they: do not have creditable prescription drug coverage; and do not enroll in Medicare Part D when first eligible. Although no specific penalties are associated with the notice requirement, failing to provide the notice may be detrimental to employees. Employers should confirm whether their health plans’ prescription drug coverage is creditable or non-creditable and prepare to send their Medi...